Further reduction of the maximum short-term lending interest rate in VND in Vietnam from October 1, 2020

Le Hai

00:52, 10/07/2024

On September 30, 2020, the State Bank issued Decision 1730/QD-NHNN on the maximum short-term lending interest rate in VND by credit institutions and foreign bank branches to borrowers to meet the needs of serving certain sectors and economic fields in Vietnam as stipulated in Circular 39/2016/TT-NHNN.

From October 01, 2020, the maximum short-term lending interest rate in VND by credit institutions, branches of foreign banks, People's Credit Funds, and Microfinance Institutions for borrowers to meet specific sectors and economic fields in Vietnam are as follows:

- Credit institutions and branches of foreign banks (excluding People's Credit Funds and Microfinance Institutions) apply a maximum short-term lending interest rate in VND of 4.5% per year. (Before October 01, 2020, it was 5.0% per year)

- People's Credit Funds and Microfinance Institutions apply a maximum short-term lending interest rate in VND of 5.5% per year. (Before October 01, 2020, it was 6.0% per year)

Details can be found in Decision 1730/QD-NHNN which comes into force in Vietnam from October 01, 2020, replacing Decision 920/QD-NHNN.

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